Digital Banking Key Driver in QIIB Achieves Best Profitability: Al-Shaibei


QIIB’s huge success in profitability is mainly due to the bank’s transformation into digital banking, said Managing Director Dr. Abdulbasit Ahmed al-Shaibei.
“Last year, we achieved one of the best cost-efficiency ratios in the banking industry, both locally and internationally,” al-Shaibei said in an interview with the Gulf Times.
The QIIB’s financial statements show that the bank improved its operational efficiency (cost-return) to 18.8% in 2021.
“It shows a very high level of skill in managing expenses and revenues, controlling expenses, while simultaneously maintaining a steady growth curve for all the bank’s key financial indicators,” al-Shaibei noted.
Highlighting the importance of digital banking, the CEO said QIIB’s mobile app now provides “almost 100%” of retail services.
“We have excellent feedback from our customers. Our young customers always demand the latest technology. We respond to their requests. At the same time, there is another segment of our customers who prefer to transact at our branches. We also meet their needs,” al-Shaibei said.
“However, with digital transformation comes great challenges,” he noted.
“As we go digital, cashless, it becomes absolutely important to ensure that all cybersecurity measures are in place, to protect our customers’ data and privacy. We are on our toes, 24 hours a day. And we have invested heavily in cybersecurity; in the best products to ensure that cybercriminals are kept at bay,” al-Shaibei said.
“While we are doing our part, we also want our customers to be always vigilant. We repeatedly warn our customers against passing private data into the wrong hands. »
Al-Shaibei said that although 2021 has been “generally a good year for Qatari banks”, challenges remain. This is reflected in banks’ non-performing assets.
“The challenges presented by Covid-19 are still ahead of us. We also inherited it until 2022. But the positive development is that we are mostly immune to these challenges. Additionally, the pandemic-induced challenges have forced us to massively embrace digitalization.
“It has been an incredible transformation as banks have moved almost all of their customer interactions to digital. Clearly the pandemic has created the environment to demonstrate what is possible in digital banking.”
Al-Shaibei said the QIIB will continue to focus on small and medium enterprises (SMEs) and micro, small and medium enterprises (MSMEs).
“We will continue to care about SMEs and MSMEs, reinforcing our firm belief in the importance of supporting entrepreneurs in all their ventures. SMEs and MSMEs contribute greatly to the national economy and represent a future in which we must do our best to invest,” al-Shaibei noted.
He said global credit rating agencies such as Moody’s and Fitch continued to endorse QIIB’s achievements and are optimistic about the bank’s future.
Moody’s and Fitch have rated the bank ‘A2’ and ‘A’ respectively, with a stable outlook.
“Credit agencies have affirmed that QIIB is one of the leading Islamic financial institutions in Qatar, generating decent profit margins, managing high quality assets, benefiting from a high level of liquidity and capital adequacy,” al-Shaibei said.
The QIIB chief executive said he remained “optimistic” for 2022.
“This year we will host the FIFA World Cup Qatar 2022, a major global sporting event. But Qatar has many projects in sight beyond this year. I expect QatarEnergy to award many projects related to its North Field expansion. We will be ready to support our nation’s development projects.
“Oil prices are currently high and if there are no more surprises or challenges like Covid-19, everything should be fine,” al-Shaibei said.
In 2021, QIIB’s net profit exceeded QR 1 billion for the first time in its history. The bank’s board has proposed the distribution of a cash dividend to shareholders of QR 0.375 per share (37.5% of the par value of the share), subject to the approval of its financial statements 2021 by the Central Bank of Qatar and the bank’s annual general meeting.
By the end of 2021, QIIB’s total revenue reached QR 2.46 billion, the bank’s total assets reached QR 61.8 billion, and its funding assets stabilized at QR 37.03 billion. Customer deposits also increased to QR 38.65 billion, a growth rate of 6.3%.


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